Spanish utility Iberdrola awarded contracts worth a total of 300 million euros ($395 million) to seven companies for 1 million units of smart meters for their customers.

The company is in the middle of an ambitious initiative to transform and modernize their power distribution grid. It has set aside about 2 billion euros for replacing 10.3 million traditional meters with new, "smart" devices by 2018.

The company did not disclose the specific regions in Spain where the smart meters will be deployed. The utility said it is currently modernizing its electricity distribution grids in Murcia, Extremadura, Castile-La Mancha, and the Valencia region.

Iberdrola has implemented the rollout of 100,000 smart meters in Castellon as part of their Remote Grid Management and Automation System, making the Spanish city the first one to have a smart power grid.

The company has also implemented smart meter roll-outs with their foreign subsidiaries in the United States (550,000 units) and Glasgow, Scotland (30,000 units). – EcoSeed Staff

Solar quote providerHere at Solar Quote Provider we provide a central hub for consumers to search and compare renewable energy installers and find a wealth of information as well as direct access to our renewable energy experts.